I am currently looking for a loc to free up equity in a ip. As this is the first time I’ve searched for a good loc, I would like to know the experience of other investors. What are the current / best interest rates on offer, good levels of service, and low fees are areas that I am currently looking at, and if anyone has any other suggestions by all means give me a heads up.
Don’t use a LOC!
Robert Bou-Hamdan
Mortgage Adviser
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty LtdDon’t use a LOC!
why is that? are there any major disadvantages in using this method of finance compared to others?
Use an offset account rather than a LOC.
It usually the same thing, but with lower fees.
Rgds.
Lucifer_auDepending on the Size, ANZ could be pretty good. Same rates at normal variable loans, and you can get up to 0.70% discount.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Is that supposed to be a 0.7% discount on a LOC Terry or are you recommending their Pro Packs or Breakfree?
When I grow up, I want to be a storm trooper!
Yes Rob, ANZ offers up to 0.7% discount on their LOC under their Breakfree package, with a $295 per year fee.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
No they don’t Terry. The maximum discount under Breakfree ‘policy’ is 0.6%. You can only get 0.7% as a matching policy and it is ‘discretionary’. They will consider it on loans over 500k to match St George but you have buckleys of getting a LOC at 6.37%. In a tight market, you will be lucky to get 0.7% on standard loans even at 750k borrowing to match Colonial.
When I grow up, I want to be a storm trooper!
Do you have to reply to my every post?
Yes they do, it may be discretionary, but on loans over $700,000 the client would have a good chance of getting the 0.7% discount. It may also depend on how good the broker’s relationship is with their BDM. Mine is good.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Do you have to reply to mine?
Much better Terry. Now you are giving nearly ALL the information instead of just enough to get people to contact you for loans. By the way, it is discretionary over $500,000. I guess my relationship must be better huh? [baaa]
You asked me to get back to business Terry. Don’t you remember your post yesterday? As you seem to be the only one posting about finance, I will respond to every post.
What would I know anyway???? My biggest aspiration in life is to become a Storm Trooper!
When I grow up, I want to be a storm trooper!
What is a storm trooper?
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Ask Jet. It is his Avatar.
When I grow up, I want to be a storm trooper!
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